Standard Club update

In its October review, Standard Club has said that the reserves of the club are expected to increase at the year ending February 2017. Consequently the board has decided to make a return of mutual call in respect of the 2016/17 policy year.

All open years in P&I class are performing satisfactorily. No calls in addition to the Estimated Total Premium (ETP) are expected and the board has determined to return to members 5% of mutual call for the 2016/17 policy year. Credit notes for this return will be issued in late February 2017 to allow members to offset the return against premiums payable during the course of the 2017 policy year.

Release call percentages remain at 2% of ETP for 2014/15, 3% for 2015/16 and 7% for 2016/17.

The 2014/15 policy year is expected to be closed in May 2017.

Standard said that the Defence class was performing satisfactorily. No call in addition to the ETP is expected. Release call margins will remain at the same level as the P&I class.

The 2014/15 policy year is expected to be closed in May 2017.

For February 2017 renewals in both P&I & Defence class Standard said that no general increase should be applied this year either to any class of P&I premium (mutual, charterers or offshore) or defence premium.